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Oklahoma Insurance
Oklahoma Insurance producers and OID
| Question | Answer |
|---|---|
| What are the Four Requirements to become a Oklahoma Insurance Commissioner. | 1. Must Be at least 25, 2. a resident of Oklahoma for a least 5 yrs. 3. have a minimum of 5 yrs experience in the insurance industry. 4. have no financial interest in any insurer, agency, or Insurance transactions except as policyholder or claimant. |
| All of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT? 1. Minimum of 5 years experience 2. appointed by the Governor 3. must be 25 yrs old 4 . serves a four (4)yr term . | 2 the commissioner is not appointed by the Governor |
| How often can Oklahoma Insurance Department adopt new Rules and Regulations? | As often as necessary |
| A person who selects risk for the insurer is a: | Underwriter |
| Chartered under the laws of another state, but has an office in Oklahoma ? | Foreign Insurer |
| Chartered under the laws of another Country, but has an office in Oklahoma ? | Alien insurer |
| Chartered under the laws of Oklahoma and has an office in Oklahoma ? | Domestic insurer |
| When does a Certificate of Insurance Renew ? | March 1st of every year |
| Has a Certificate of Authority issued by OID? | Authorized Insurer |
| Has NO Certificate of Authority issued by OID? | Un-Authorized Insurer |
| Un- Authorized Insurers sell what type of insurance | Surplus Lines |
| Insurance for the insurer, the insurer may transfer the risk by purchasing insurance from another insurer. Protects from a large single Loss | Reinsurance |
| Commissioner must by law order an examination of all Domestic, Foreign and Alien insurer s every_______ years. | Five |
| Following the examination, the chief examiner must file a report with in ___________ . | 30 Days |
| The examined insurer has up to _______ to make a rebuttal, which is the right to disagree. | 20 Days |
| what is the cost of insurance per unit of exposure called ? | Rate |
| Oklahoma is a __________________ state, which means rates are effective 30 days after filing unless disapproved. | File and Use |
| The OID will give a ______ notice before a rate hearing | 10 day |
| A Civil Penalty of ________ can be assessed against an insurer by the OID. | $1000.00 to $5,000.00 |
| Licenses are issued for a Biennial Period (two years ) except for Apprentice Trainee adjuster which is issued for _____ on a temporary basis .. | 180 days |
| A person authorized to act on the behalf of the insurer? | Agent |
| What are the three types of authority ? | Expressed , Implied and Apparent |
| Specifically granted to an agent in a producer's WRITTEN contract between the insurer and producer . | Expressed Authority |
| Authority that is not specifically granted under express authority, but is assumed to be granted for the general business practices such as advertising . | Implied Authority |
| Authority others believe the agent has based on words , deeds or actions made by the agent. | Apparent Authority |
| the Client or Policy owner | First party |
| The insurer must be appointed a producer with in _______ after the date of the agency contract | 15 days |
| Am insurer must notify the OID with in _______ from terminating a producers appointment | 30 days |
| An appointment is for a period of | 12 months |
| A person held in trust is known as | Fiduciary |
| An insurer's documentation to do business in Oklahoma is called ? | Certificate |
| The four requirements to becoming a Producer ? | 1. be at least 18 yrs of age 2. Pay Oklahoma fees 3. have a producer (sponsor) 4. pass the license examination with at least a 70% |
| All Licensees, including producers, adjusters, and surplus brokers must maintain policy records at his or her place of business for a period of _______ from the date of the last transaction | 3 yrs |
| A Notice of Change legal name,mailing address or email must notify Oklahoma Insurance Department (OID) with in ________ | 30 days |
| $100 to $1,000 civil fine for failure to notify with in _____ of the date of the change can apply | 45 days |
| During a biennial term of license the licensee must complete _______ total of continued education for an Producer | 24 hours |
| During a biennial term of license the licensee must complete _______ total of continued education for an CSR | 13 hours |
| Up to ____ my be carried over to the forward 24 months | 6 CE hours |
| OID must give ______ written notice ( registered mail ) and not more then _____ of a hearing . | 5 days, 30 days |
| Commissioner must submit all finding with in __________ of the hearing | 30 days |
| Right to appeal ... the licensee has _____ to file with the court for review | 30 Days |
| Acknowledgement of receipt of Claim, the insurer must respond to claimant within ______ of a notification of a loss notice | Thirty days |
| Acknowledgment of a loss may be | Written or Verbal |
| Insured's responsibility to summit a completed Proof of Loss must be filed with in ___________ | 60 Days |
| the insured's responsibility to accept or deny must be filed within ________ from receipt completed | 45 Days |
| Under the unfair claims settlement practice Act, the insurer must acknowledge receipt of a homeowners claim to the claimant within | Thirty Days |
| Conditions that increase the chance of a peril | Hazard |
| Three types of Hazards are | Physical, Moral and Morale |
| What arises from visible material or structural features (touch) ? | Physical Hazard |
| What arises from morality of insured, intentional and deliberate destruction . | Moral Hazard |
| What arises from a careless attitude, indifference or irresponsibility ? | Morale Hazard |
| Adverse Selection | The tendency for less favorable risks , high risk individuals, to purchase insurance |
| Reduce ( Loss Control) | Decrease the risk by lowering the hazard |
| Retain | Assume the financial risk and pay for the loss |
| Avoid | Eliminate the risk, do not engage in the activity |
| 4 Elements of a legal contract? | 1. Legal purpose 2. Agreement ( Offer and Acceptance ) 3. Consideration 4. Competent parties |
| what is not required to have a legal contract? | EQUAL exchange of values |
Created by:
Vtolleson
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